Word: bankamerica
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...same time, external forces have conspired to sap the city's corporate strength. In the past six years 23 of the city's 50 largest public companies have disappeared in a flurry of mergers and acquisitions. Ill-advised loans to Latin American countries backfired on BankAmerica Corp., once the nation's largest financial institution. The bank has eliminated almost 30% of its work force and auctioned off moneymaking assets; still it has not turned a profit in three years. Even Standard Oil, the state's largest company, has retrenched in its headquarters town. The decline of the city's corporate...
...they are moving in a big way onto the American monetary scene. Last year Sumitomo Bank paid $500 million for 12.5% of the Goldman, Sachs investment firm. In March Nippon Life Insurance bought 13% of the Shearson Lehman Bros. brokerage house for $538 million. Just last week ailing BankAmerica confirmed it will sell $350 million worth of securities to Japanese financial companies...
...takes considerable nerve to name the ten worst-managed publicly traded firms in America, but FinancialWorld obviously has that. The Manhattan-based biweekly issued its first roster of corporate clunkers this week, based on such factors as stock performance, earnings and management errors. BankAmerica was criticized for bringing back Chief Executive A.W. Clausen, who had been accused of mismanaging the troubled bank before he retired. MCI Communications was named for taking on too much debt. Others mentioned: Wang Laboratories and Bally Manufacturing...
...exodus depriving the country of much needed funds for investment -- he intends to nationalize all banks and insurance companies and shut down private currency- exchange houses. Furthermore, selling dollars in the streets would be made a criminal offense. Only foreign banks with branches in Peru, such as Citicorp and BankAmerica, would be exempt from the nationalization...
...setback stemmed from an accounting change that put aside $1.1 billion in case the bank's Latin American debtors start defaulting on $7.3 billion in loans. This dose of preventive medicine, prompted by archrival Citicorp's similar move, may eventually strengthen BankAmerica. But it could force the company to sell off some major assets, including the Seattle-based Seafirst bank, acquired...